Pakistan’s Decision to Lift Ban on Gold Trade Welcomed by Industry Leaders

By Muhammad Shahzad — Lahore, Pakistan

LAHORE: The government’s move to lift the ban on the import and export of gold has been widely welcomed by the country’s gems and jewellery sector, with industry stakeholders calling it a crucial step toward revitalizing a struggling market.

Muhammad Ahmed, President of the Gold & Gems Art Promotion Council of Pakistan and Central Chairman of the Lahore Division Sarafa & Jewellers Association, praised the decision, saying it would have “far-reaching positive effects” on Pakistan’s gems and jewellery industry.

He emphasized that rising gold prices can only be balanced through enhanced exports, describing the policy shift as “the need of the hour.”

Ahmed noted that the sector had been severely affected by SRO 760(13)14, which had effectively brought trade to a halt and left thousands of craftsmen unemployed. During this period, he added, India benefited from an open and unrestricted market, giving it a major competitive advantage globally.

Expressing gratitude to Prime Minister Mian Shehbaz Sharif, Federal Commerce Minister Jam Kamal Khan, and Commerce Secretary Jawaid Pal Khawaja, he urged the government to extend further relief to exporters so they can effectively compete with India in international markets.

He also called for a comprehensive review of the existing export mechanisms for gems and jewellery, advocating for simplified policies to attract new entrants to the export sector. Increased participation, he said, could significantly boost national exports and strengthen Pakistan’s foreign exchange reserves.

However, Ahmed warned that existing customs procedures remain a “major hurdle” for exporters. Without reforms, he cautioned, the government’s initiative may fall short of delivering its intended economic benefits.